The crypto exchange BackPackcreated by former FTX employees, acquired FTX EU, the European subsidiary of the bankrupt cryptocurrency exchange FTX.
Thanks to this strategic acquisition, BackPack obtains a license from the Cyprus Securities and Exchange Commission (CySEC), allowing it to benefit from MiFID II regulations throughout the European Union.
The BackPack crypto trading platform will therefore be able to quickly develop its activities in Europe by acquiring a crypto exchange that was already regulated in the EU.
The final agreement was approved by the FTX Bankruptcy Court and the Cyprus Securities and Exchange Commission (CySEC),
On his account https://twitter.com/Backpack/status/1876549869055431010the BackPack team has confirmed the acquisition of FTX EU.
Backpack has acquired FTX EU and its MiFID II license.
Our first priority is to return all Euro funds to clients on behalf of the FTX estate, then roll out a full range of spot, margin and futures trading products.
Cryptocurrency trading returns to Europe
Important detail, FTX EU's license will remain suspended until at least May 30, 2025.
After this date, Backpack will then be able to launch trading of a wide range of crypto derivatives products, including perpetual futures contracts across Europe.
Armani Ferrante, CEO of Backpack Exchange, said:
“As many international exchanges leave the European Union, becoming a MiFID II authorized entity demonstrates our commitment to the highest regulatory standards and is an important step in bringing transparent, secure and regulated cryptocurrency trading to a underserved European market.
Customer restitution is a crucial step in restoring confidence in the industry, and Backpack is committed to returning FTX EU customer funds as quickly and as safely as possible. »
It remains to be seen whether the BackPack team will be able to attract users again using the FTX EU brand, or whether all activities will be done under the name BackPack, the crypto exchange launched by former FTX executives. .
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